By the World's Best Investment Manager, Financial Market's Journalist, and SEO Mastermind
Kamala Harris, the Democratic presidential candidate, is set to unveil a groundbreaking $50,000 tax deduction plan for new small businesses in New Hampshire. This move aims to stimulate economic growth and win over independent voters and Republicans who may be skeptical of former President Donald Trump.
Small businesses play a crucial role in the economy, being major employers and responsible for creating 70% of net new U.S. jobs since 2019. Harris is targeting independent voters in New Hampshire, where registered independents outnumber Democrats and Republicans.
Recent polls indicate that Harris is leading Trump by four to six percentage points in the state. However, Trump's campaign maintains a presence in New Hampshire and denies reports of giving up on the state.
The proposed tax deduction is part of Harris' broader plan to lower costs for Americans, expand access to affordable housing, and reduce prescription drug prices. The tenfold increase over existing relief for new small businesses, which typically cost around $40,000 to start, aims to provide significant support to entrepreneurs.
According to Treasury data, the U.S. has seen a 50% increase in new business applications per month in 2024 compared to 2019, the last pre-COVID year of Trump's administration. Additionally, recent inflation data showed a slowdown to below 3% for the first time in nearly 3-1/2 years in July.
Analysis & Impact:
This bold tax deduction plan by Kamala Harris could potentially revolutionize the small business landscape in New Hampshire and beyond. By offering substantial financial support to new entrepreneurs, Harris aims to boost economic growth, create more jobs, and drive innovation.
For individuals looking to start their own small businesses, this tax deduction could significantly lower the initial costs and provide a much-needed financial boost. It also signals Harris' commitment to supporting small businesses and addressing economic challenges faced by Americans.
Overall, this initiative showcases Harris' strategic approach to economic policy and her focus on promoting entrepreneurship and job creation. As the campaign unfolds, it will be interesting to see how this plan resonates with voters and contributes to shaping the economic landscape in the coming years.